Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Gracias's Valor Equity Partners was an early investor in both Tesla and Musk's SpaceX, and it's not clear that he would satisfy the SEC's requirement for a genuinely independent chairman. This is the result of a settlement reached between Tesla and the SEC (Securities and Exchange Commission).

He was one of two new members the firm appointed previous year after criticism that the board - which includes Mr Musk's brother and a close business partner - needed to show more independence.

Musk told analysts on an earnings call later that day that he expected it would take about $2 billion worth of investment for the factory to be able to produce around 250,000 vehicles a year. He can not be reelected as the Chairman of Tesla, for at least 3 years.

"The phrase originated as an April Fools" prank in which Musk tweeted that Tesla was going bankrupt.

These reports that Elon Musk was starting his own digital currency company, appeared on a website that looked very similar to the CNN Tech site.

Following his initial tweet, Musk then followed up with a pretty confusing thread of tweets. The South African-born billionaire also had to pay a $20 million fine and submit to monitoring of his social media activity, including his Twitter account. He joined the board of Tesla in 2017 acting as a non-executive but has since expressed his desire for the chairman role. The tweets were "false and misleading" according to the SEC, because Musk hadn't discussed or confirmed key terms of the deal before announcing it.

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